EXPLORATION & DEVELOPMENT

Georgian finds new zone at KB

Georgian Mining’s (LN:GEO) 50%-owned joint venture company has identified a new gold zone and "interesting" copper potential as it works to define the initial mining target at the Kvemo Bolnisi copper and gold project in Georgia.

Staff reporter
 Drilling identifies new gold zone and interesting copper potential

Drilling identifies new gold zone and interesting copper potential

Holes drilled around and within the Gold Zone 2 mineral resource were to define the limits of the zone and add to the resource, with peak intercepts including 3m at 16.95g/t gold and 0.15% copper from 30m.

The new gold target 150m west of GZ2 returned a diluted intercept of 0.65g/t gold over 143.8m from 117.2m, including 56m at 1.03g/t gold from 205m.

Peak copper intercepts included 16m at 3.4% copper from 188m and Georgian pointed to "a number of interesting lower grade copper intercepts" such as 73m at 0.33%, saying further work was required to evaluate the potential for a large tonnage of lower-grade copper mineralisation that might be suited to alternative processing methods.

SP Angel, which acts as nomad and broker to Georgian Mining, said the results indicated a modest increase in the existing gold resource and a potentially larger resource increase with the new gold discovery.

"While these will generate cash flow for the joint venture they should pale in comparison with our expectation for a larger and significantly more valuable copper resource underlying the gold oxides," SP Angel said.

Shares in Georgian Mining closed up 0.59% yesterday to 21.38p.

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